U.S. President Joe speaking in the White House August 24, 2022 in Washington, DC. (Photo: Alex Wong/Getty Images)
President Biden Must Pass a Windfall Tax
The President's best course of action is to keep the pressure up on Big Oil by going all in on a windfall profits tax.
President Biden has the opportunity to show the public he stands with them instead of Big Oil. He's set up a clear choice for the fossil fuel executives gouging American families at the pump: lower prices or face the consequences.
In a blistering speech on Monday, President Biden told oil and gas companies that if they don't bring down costs for working families, his administration will work with Congress to consider "requiring oil companies to pay tax penalties and face other restrictions." According to reports, the policy the White House is considering is a Big Oil Windfall Profits Tax, which could tax the industry's windfall profits and use the revenue to send relief directly to the American public.
A windfall profits tax is exactly the right approach, as Big Oil continues to gouge Americans at the pump and on our home energy bills. As third quarter earnings reports are announced, Big Oil companies are breaking records with their latest haul--reportedly raking in over $50 billion dollars in just the last 90 days. That brings their total to just over $303 billion, and the year isn't even over yet. Instead of lowering prices or investing in clean energy solutions, Big Oil is using their massive profits for $155 billion of record stock buybacks and dividends designed to enrich their CEOs and wealthiest shareholders.
A Big Oil Windfall Profits Tax--initially proposed last March by Senator Sheldon Whitehouse and Representative Ro Khanna--would tax these obscene profits and use the revenue to provide direct relief to working people. Experts estimate that, given the sheer size of profits from these companies, a windfall profits tax would likely raise tens of billions of dollars -enough to send families hundreds of dollars in relief ahead of this winter.
Not only has a windfall profits tax caught President Biden's eye, it's also garnered widespread popularity across the country, and around the world. Polling in July showed three in five Americans agree that big oil and gas company CEOs are using the pandemic and war in Ukraine as an excuse to raise prices, with a staggering 80 percent of voters supporting a windfall profits tax earlier this year. In Congress, 82 Members have endorsed some version of windfall profits tax legislation, with support growing by the day. And the U.S isn't the only country talking about it: a windfall profits tax has already been passed by several European countries, including the United Kingdom, where the policy was implemented by the Conservative government as a way to combat high energy prices.
In his speech on Monday, the President said that he'd pursue a windfall tax if Big Oil didn't start increasing production and investing in America. There's no need to wait. Oil and gas CEOs have been ignoring the need to help the public by lowering prices all year, all while lining their own pockets and giving millions of dollars to Republican politicians who fight any pressure on the fossil fuel industry . Meanwhile, the U.S is already producing near record amounts of oil and gas, but prices at the pump remain high because Big Oil is profiteering from global disruptions caused by the war in Ukraine. Besides, increasing production will only increase climate- wrecking pollution, while doing little to lower prices. As we transition to clean and affordable energy for all, a windfall profits tax can provide immediate relief to people who are struggling right now to pay for expensive fossil fuels.
The President's best course of action is to keep the pressure up on Big Oil by going all in on a windfall profits tax. It is a popular way to hold Big Oil CEOs accountable while getting relief directly to the American public now. As President Biden said, "The American people are going to judge who's standing with them, and who is only looking out for their bottom line." Despite Big Oil's effort to defend their profits and hide behind their allies in Congress, Americans know that Big Oil is to blame for their pain at the pump. It's time President Biden and Congress truly stand with the American people and pass a windfall profits tax as soon as possible.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
President Biden has the opportunity to show the public he stands with them instead of Big Oil. He's set up a clear choice for the fossil fuel executives gouging American families at the pump: lower prices or face the consequences.
In a blistering speech on Monday, President Biden told oil and gas companies that if they don't bring down costs for working families, his administration will work with Congress to consider "requiring oil companies to pay tax penalties and face other restrictions." According to reports, the policy the White House is considering is a Big Oil Windfall Profits Tax, which could tax the industry's windfall profits and use the revenue to send relief directly to the American public.
A windfall profits tax is exactly the right approach, as Big Oil continues to gouge Americans at the pump and on our home energy bills. As third quarter earnings reports are announced, Big Oil companies are breaking records with their latest haul--reportedly raking in over $50 billion dollars in just the last 90 days. That brings their total to just over $303 billion, and the year isn't even over yet. Instead of lowering prices or investing in clean energy solutions, Big Oil is using their massive profits for $155 billion of record stock buybacks and dividends designed to enrich their CEOs and wealthiest shareholders.
A Big Oil Windfall Profits Tax--initially proposed last March by Senator Sheldon Whitehouse and Representative Ro Khanna--would tax these obscene profits and use the revenue to provide direct relief to working people. Experts estimate that, given the sheer size of profits from these companies, a windfall profits tax would likely raise tens of billions of dollars -enough to send families hundreds of dollars in relief ahead of this winter.
Not only has a windfall profits tax caught President Biden's eye, it's also garnered widespread popularity across the country, and around the world. Polling in July showed three in five Americans agree that big oil and gas company CEOs are using the pandemic and war in Ukraine as an excuse to raise prices, with a staggering 80 percent of voters supporting a windfall profits tax earlier this year. In Congress, 82 Members have endorsed some version of windfall profits tax legislation, with support growing by the day. And the U.S isn't the only country talking about it: a windfall profits tax has already been passed by several European countries, including the United Kingdom, where the policy was implemented by the Conservative government as a way to combat high energy prices.
In his speech on Monday, the President said that he'd pursue a windfall tax if Big Oil didn't start increasing production and investing in America. There's no need to wait. Oil and gas CEOs have been ignoring the need to help the public by lowering prices all year, all while lining their own pockets and giving millions of dollars to Republican politicians who fight any pressure on the fossil fuel industry . Meanwhile, the U.S is already producing near record amounts of oil and gas, but prices at the pump remain high because Big Oil is profiteering from global disruptions caused by the war in Ukraine. Besides, increasing production will only increase climate- wrecking pollution, while doing little to lower prices. As we transition to clean and affordable energy for all, a windfall profits tax can provide immediate relief to people who are struggling right now to pay for expensive fossil fuels.
The President's best course of action is to keep the pressure up on Big Oil by going all in on a windfall profits tax. It is a popular way to hold Big Oil CEOs accountable while getting relief directly to the American public now. As President Biden said, "The American people are going to judge who's standing with them, and who is only looking out for their bottom line." Despite Big Oil's effort to defend their profits and hide behind their allies in Congress, Americans know that Big Oil is to blame for their pain at the pump. It's time President Biden and Congress truly stand with the American people and pass a windfall profits tax as soon as possible.
President Biden has the opportunity to show the public he stands with them instead of Big Oil. He's set up a clear choice for the fossil fuel executives gouging American families at the pump: lower prices or face the consequences.
In a blistering speech on Monday, President Biden told oil and gas companies that if they don't bring down costs for working families, his administration will work with Congress to consider "requiring oil companies to pay tax penalties and face other restrictions." According to reports, the policy the White House is considering is a Big Oil Windfall Profits Tax, which could tax the industry's windfall profits and use the revenue to send relief directly to the American public.
A windfall profits tax is exactly the right approach, as Big Oil continues to gouge Americans at the pump and on our home energy bills. As third quarter earnings reports are announced, Big Oil companies are breaking records with their latest haul--reportedly raking in over $50 billion dollars in just the last 90 days. That brings their total to just over $303 billion, and the year isn't even over yet. Instead of lowering prices or investing in clean energy solutions, Big Oil is using their massive profits for $155 billion of record stock buybacks and dividends designed to enrich their CEOs and wealthiest shareholders.
A Big Oil Windfall Profits Tax--initially proposed last March by Senator Sheldon Whitehouse and Representative Ro Khanna--would tax these obscene profits and use the revenue to provide direct relief to working people. Experts estimate that, given the sheer size of profits from these companies, a windfall profits tax would likely raise tens of billions of dollars -enough to send families hundreds of dollars in relief ahead of this winter.
Not only has a windfall profits tax caught President Biden's eye, it's also garnered widespread popularity across the country, and around the world. Polling in July showed three in five Americans agree that big oil and gas company CEOs are using the pandemic and war in Ukraine as an excuse to raise prices, with a staggering 80 percent of voters supporting a windfall profits tax earlier this year. In Congress, 82 Members have endorsed some version of windfall profits tax legislation, with support growing by the day. And the U.S isn't the only country talking about it: a windfall profits tax has already been passed by several European countries, including the United Kingdom, where the policy was implemented by the Conservative government as a way to combat high energy prices.
In his speech on Monday, the President said that he'd pursue a windfall tax if Big Oil didn't start increasing production and investing in America. There's no need to wait. Oil and gas CEOs have been ignoring the need to help the public by lowering prices all year, all while lining their own pockets and giving millions of dollars to Republican politicians who fight any pressure on the fossil fuel industry . Meanwhile, the U.S is already producing near record amounts of oil and gas, but prices at the pump remain high because Big Oil is profiteering from global disruptions caused by the war in Ukraine. Besides, increasing production will only increase climate- wrecking pollution, while doing little to lower prices. As we transition to clean and affordable energy for all, a windfall profits tax can provide immediate relief to people who are struggling right now to pay for expensive fossil fuels.
The President's best course of action is to keep the pressure up on Big Oil by going all in on a windfall profits tax. It is a popular way to hold Big Oil CEOs accountable while getting relief directly to the American public now. As President Biden said, "The American people are going to judge who's standing with them, and who is only looking out for their bottom line." Despite Big Oil's effort to defend their profits and hide behind their allies in Congress, Americans know that Big Oil is to blame for their pain at the pump. It's time President Biden and Congress truly stand with the American people and pass a windfall profits tax as soon as possible.